EGAN-JONES RECOMMENDS HOLDERS VOTE AGAINST APPLE PROPOSAL
(The following is a reformatted version of a press release issued by Egan-Jones Proxy Services and received via electronic mail. The release was confirmed by the sender.)
February 7, 2013 Haverford, PA
Today, Egan-Jones Proxy Services, the independent proxy advisory firm, made the following announcement:
“Egan-Jones Proxy Services calls attention to the conclusion of its recommendation to clients regarding Proposal 2, Amending the Articles of Incorporation of its report regarding the shareholder meeting of Apple Inc. scheduled for February 27, 2013.
“We note that the Company reported cash, near-cash, and short-term investments of approximately $40 billion as of December 29, 2012, an enormous amount for this company at a time when the market price of its common stock can be considered depressed. Trailing P/E is near 10X, and two-year EPS growth exceeds 30%. In eliminating the ability of the Company to issue blank check preferred stock, approval of this bundled proposal could frustrate use by the board of a useful tool to unlock shareholder value. Accordingly, we recommend a vote AGAINST this proposal.”
About Egan-Jones Proxy Services Egan-Jones Proxy Services is a leading independent proxy advisory firm, providing institutional clients with proxy research, vote recommendations, and voting services. Unlike other proxy advisory firms, we do not take fees for consulting services from issuers that are the subjects of its research, but are paid solely by the institutional investors that are our clients.
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